Audit- 1992
CITY OF
SALINA, KANSAS
City AUomey
GIq A Beopoa
(913) sz:4..632S
129 South 8dt
P.O. IkK 380
Salina, ICS 67402-0380
June 1, 1993
HAND-DELIVERED
Jacqueline B. Shiever
City Oerk
City of Salina
P.O. Box 736
Salina, KS 67402-0736
Re: Audit Report for Firefighters
Relief Association of Salina
December 31, 1992
Dear Jackie:
I hand you the captioned audit report for your files.
Very truly yours,
~ Legal Assistant
to Greg A Bengtson, City Attorney
sg
enc.
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
FINANCIAL STATEMENT AND INDEPENDENT AUDITORS' REPORT
December 31, 1992
CLUBINE AND RETTELE, CHARTERED
CERTIFIED PUBLIC ACCOUNTANTS
SALINA, KANSAS
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
I N D E X
INDEPENDENT AUDITORS' REPORT
BALANCE SHEET - Exhibit I
STATEMENTS OF REVENUE AND EXPENDITURES - Exhibit II
STATEMENTS OF CHANGES IN FUND BALANCE - Exhibit III
NOTES TO FINANCIAL STATEMENTS
INVESTMENTS - Schedule 1
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES
ON DEPOSIT - Schedule 2
TREASURER'S FIDELITY BOND - Schedule 3
Page
1
2
3
4
5
6
7
8
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
CLUBINE AND RETTELE, CHARTERED
SALINA, KANSAS
INDEPENDENT AUDITORS' REPORT
To: The Board of Directors
Firefighter's Relief Association of Salina
We were engaged to audit the accompanying balance sheet of Fire-
fighter's Relief Association of Salina, Salina, Kansas, as of December
31, 1992 and 1991, and the related statements of revenue and
expenditures and changes in fund balance, for the years then ended.
These financial statements are the responsibility of Firefighter's
Relief Association of Salina's management.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to in the first
paragraph above, present fairly, in all material respects, the
financial position of Firefighter's Relief Association of Salina, as
of December 31, 1992 and 1991, and the results of its operations, for
the years then ended, in conformity with generally accepted accounting
principles.
Our audit was conducted for the purpose of forming an opinion on the
basic financial statements taken as a whole. Schedules 1 - 3 are
presented for purposes of additional analysis and are not a required
part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in the audit of the basic
financial statements and, in our opinion, is fairly stated in all
material respects in relation to the basic financial statements taken
as a whole.
CLUBINE AND RETTELE, CHARTERED
~'-.SLQv~ ~
May 10, 1993
(1 )
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
BALANCE SHEET
ASSETS
Current Assets
Cash in bank $
Certificate of deposit
Cash surrender value of life insurance (Note 3)
Total Current Assets
Property and Equipment
Equipment
Total Assets
FUND BALANCE
Fund Balance - Exhibit III
Total Liabilities and Fund Balance
Exhibit I
December 31,
1992 1991
78,779
90,000
343.031
511. 810
1. 393
$ 79,740
90,000
291.675
461.415
$ 513,203 $ 461,415
S 513.203 S 461.415
$ 513,203 $ 461,415
See notes which are an integral part of the financial statements.
(2 )
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Exhibit II
STATEMENTS OF REVENUE AND EXPENDITURES
For the Year Ended
December 31,
1992 1991
Revenue
Kansas Commissioner of Insurance
Interest and dividends
Benefits received
Other revenue
Total Revenue
$ 55,319 $
6,179
825
13,806
76,129
58,183
9,193
5,000
6,504
78,880
Expenditures
Medical payments to injured firemen
Life and disability insurance premiums
Insurance benefits paid out
Legal and accounting
Reimbursement
Fiduciary fees
Insurance bond
Office supplies
Total Expenditures
825
13,026
840
585
8,203
663
100
99
24,341
5,000
18,714
468
575
3,386
449
23
28,615
Excess of Revenues Over Expenditures
$ 51,788 $ 50,265
See notes which are an integral part of the financial statements 0
(3 )
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Exhibit III
STATEMENTS OF CHANGES IN FUND BALANCE
Fund Balance, beginning
For the Year Ended
December 31,
1992 1991
$ 461,415 $ 411,150
Excess of Revenue Over Expenses
51,788 50,265
Fund Balance, ending
$ 513,203 $ 461,415
See notes which are an integral part of the financial statements.
(4 )
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
NOTES TO FINANCIAL STATEMENTS
December 31, 1992
1. A summary of significant accounting policies is as follows:
A. The financial statements have been prepared on the modified
accrual basis. Firefighter's Relief Association of Salina,
Salina, Kansas is exempt from federal and state income taxes
under Internal Revenue Code Section 501(c) (3). The
significant accounting policies are described below to
enhance the usefulness of the financial statements to the
reader.
B. The modified accrual basis of accounting is used. The
modifications from the accrual basis are as follows:
1. Revenues are recorded as received in cash except
for revenues susceptible to accrual and material
revenues that are not received at the normal time of
receipt.
C. Expenditures are recorded on an accrual basis except for
as follows:
1. Disbursements for inventory type items which are
expensed at the time of purchase.
2. Prepaid expenses are normally recorded as expenses at
the time of payment.
3. Interest on long-term debt which is normally an
expenditure when due and paid.
D. Investments are stated at cost.
E. Acquisition of property and equipment - Original acquisition
of equipment is recorded at cost. No depreciation has been
taken.
2. The Firefighter's Relief Association of Salina has $ 90,000 which
is invested in Certificates of Deposit and $ 73,556 in a money
market account. Under the Federal Deposit Insurance Coverage
Act, interest bearing accounts are only covered up to $ 100,000,
therefore, the bank has pledged securities of $ 300,000 to the
Association.
3. The cash surrender value of the life insurance policies held by
the Association reflects the amount the Association would receive
if the life insurance policies were terminated as of December 31,
1992.
(5)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Schedule 1
INVESTMENTS
December 31, 1992
Maturity
Date Type Rate Amount
Glendale Federal 10-22-93 C of D 4.20 $ 30,000
Guardian Savings 8-04-93 C of D 4.40 60,000
Total $ 90,000
See notes which are an integral part of the financial statements.
(6)
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
Schedule 2
COMPARISON OF DEPOSITORY SECURITY WITH BALANCES ON DEPOSIT
December 31, 1992
Balance
F.D.I.C. Bank Unsecured
First National Bank & Trust Co. Coverage Balance By Bank
Demand Deposits $ 5,223 $ 5,223 $
Investments 100.000 163.556
Total (Note 3) 105,223 $ 168,779 $
Pledged Securities by Bank 300.000
Total Coverage $ 405,223
See notes which are an integral part of the financial statements.
(7 )
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
I
FIREFIGHTER'S RELIEF ASSOCIATION OF SALINA
Salina, Kansas
TREASURER'S FIDELITY BOND
December 31, 1992
Treasurer, Firefighter's Relief
Association of Salina
Date Date of
Effective Expiration
9-10-92
9-10-95
Schedule 3
Amount
$ 10,000
(8 )
See notes which are an integral part of the financial statements.